An income elasticity coefficient of −1.8 means the product is a normal good. true or false
An income elasticity coefficient of −1.8 means the product is a normal good.
true or false
Homework Answers
No, if the income elasticity is more than 1 that means the good is a luxury,if the price increase or decrease its the luxury market the demand will be affected the most.
If it was normal it would be having a less than 1 but more than zero, The statement is "False".
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An income elasticity coefficient of −1.8 means the product is a
normal good.
true or false
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The demand for a product is income elastic with an elasticity coefficient of 2.00. If there isa 35% increase in income then what will the increase in demand be? a. 29.4% b. 70.0% ?. 48% d. 30.7% 120% e. f. 52.5%
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The demand for a product is income elastic with an elasticity coefficient of 2.00. If there isa 35% increase in income then what will the increase in demand be? a. 29.4% b. 70.0% ?. 48% d. 30.7% 120% e. f. 52.5%
A normal good has a income elasticity of demand and quantity demanded as income rises. O A. negative; increases OB. positive; decreases O C. positive; increases OD. negative; decreases
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